Ann: Shenghe Investment and Funding Term Sheet, page-37

Hello. Yes, I misread the announcement, about buying 50% of NGUK. Unlike you, who posted unintelligible words, I had to research in about 30 minutes. It was a good announcement. However, the project appears to remain uncommercial. For Shenghe, I guess is might be more about securing downstream supply than making profit on NGUK. As for all of the REE forecasts, for years, they have proven to be absolutely wrong. There was a Covid price blip, that is all. REE prices are back in line with long term trends. Do you think the REE price will rise if all of these low grade projects such as PEK, LIN, ARU, MEI, VMM, etc, start producing? If Shenghe do the deal then i guess PEK would be a takeover, unless there are obstacles to that. Good luck.